Croatian National Bank hosted the 58th Plenary Session of the Single Resolution Board, the central resolution authority within Single Resolution Mechanism (SRM), second pillar[...]

The 58th Plenary Session of the Single Resolution Board (SRB) was held in Split on 2 and 3 July.

The session was attended by the SRB Chair Dominique Laboureix, the other permanent SRB Board Members, CNB Vice-Governor Michael Faulend in charge of resolution processes, as well as, other high-level members of the Plenary Session from the national resolution authorities (NRAs). Observers from the European Commission, the European Central Bank and the European Banking Authority were also present.

Since the start of its operations in 2015, this was the seventh time that the SRB Plenary Session was held outside Brussels and this time hosted by the Croatian National Bank in its capacity as national resolution authority.

The Governor of the Croatian National Bank Ante Žigman said on this occasion: "I greatly appreciate the role of the SRB and the contribution it makes to our common financial stability. I am also confident that it will successfully navigate whatever challenges lie ahead".

The SRB Chair Dominique Laboureix complemented with the words: "our successful fulfilment of the SRM mission is clearly dependent on a smooth and efficient collaboration with the key stakeholders; in particular with the NRAs. Thus, with such valuable contributions during our 58th Plenary Session, hosted this time by the Croatian National Bank we have made an important progress on our key priorities and advanced on strategic objectives".

About the Single Resolution Board

The Single Resolution Board is the central resolution authority within the Banking Union, which at present is the 21 euro area countries. Together with the national resolution authorities it forms the Single Resolution Mechanism (SRM). The Single Resolution Board is directly responsible for preparing resolution plans and adopting all decisions related to resolution of significant credit institutions within the Banking Union and less significant credit institutions operating cross-border. It also oversees the remaining less significant credit institutions under the direct responsibility of national resolution authorities and manages the Single Resolution Fund (SRF). Its mission is to protect taxpayers from public bailouts and thus contribute to preserving financial stability.